MFAET working to secure market opportunities for Soltuna in U.S
The government through the Ministry of Foreign Affairs and External Trade (MFAET) is working with the United States Embassy in Honiara, to look for market opportunities for Soltuna Products in the United States.
Trade Commissioner, Mr. Barret Salato confirmed this to SIBC News in an interview.
He said, they have discussed with the embassy on how to get duty free access for Soltuna products.
“Soltuna is very keen on exporting to the US Market, so we have had discussions with the US Embassy on how to get their products to be accorded duty free because as a Least Developed Country, they should be given duty free access to those markets.”
“So, eventually our Soltuna products might be in the US markets.”
In terms of current market access, Soltuna is now exporting its products to Australia and New Zealand with duty free privilege through the Pacific Agreement on Close Economic Relations (PACER Plus) trade agreement.
The PACER Plus Agreement was ratified by the government in 2020.
It is a comprehensive Free Trade Agreement which the Solomon Islands is expected to benefit from by having Market access, predictable regimes for trading and access to support for trade development and policy needs.
Mr. Salato assures that they will continue to work with Soltuna to search for market opportunities.
“Their main market is in Europe, but they are also looking for other markets apart from their traditional markets. So, they are working closely with us to get into those markets.”
“When it comes to making use of duty-free access, that is the only way they will be competitive in those markets because if they enter markets with zero tariffs that is the margin they can compete with. So, we will try our best to assist them on this,” he said.